Ninety One SA Pty Ltd Makes New $18.84 Million Investment in Newmont Corporation $NEM

Key Points

• Ninety One SA acquired 161,528 Newmont shares worth approximately $18.84 million, making the position about 0.9% of its portfolio. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $134.26. Recent targets range from $110 to $155.
• Newmont shares recently rose 2.1% to $113.85. The company exceeded quarterly EPS expectations, reported $6.12 billion in revenue, and pays a quarterly dividend of $0.26 per share, yielding approximately 0.9% annually.

Ninety One SA Pty Ltd acquired a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 161,528 shares of the basic materials company's stock, valued at approximately $18,842,000. Newmont comprises approximately 0.9% of Ninety One SA Pty Ltd's holdings, making the stock its 14th biggest position.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Newmont in the 2nd quarter worth about $11,289,753,000. State Street Corp boosted its stake in Newmont by 3.1% during the 2nd quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock valued at $4,893,852,000 after purchasing an additional 1,565,716 shares during the last quarter. Van ECK Associates Corp acquired a new position in Newmont during the 2nd quarter valued at about $671,197,000. Bank of New York Mellon Corp acquired a new position in Newmont during the 2nd quarter valued at about $1,219,505,000. Finally, First Eagle Investment Management LLC bought a new stake in Newmont during the 2nd quarter worth approximately $241,820,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NEM shares. Barclays lowered their price objective on Newmont from $125.00 to $124.00 and set an "overweight" rating for the company in a research note on Tuesday, July 28th. UBS Group cut their target price on Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a research report on Tuesday, June 30th. Royal Bank Of Canada lifted their target price on Newmont from $135.00 to $155.00 and gave the company an "outperform" rating in a research report on Wednesday, September 16th. Argus set a $110.00 price target on Newmont in a report on Monday, August 3rd. Finally, Scotiabank upped their price target on Newmont from $147.00 to $149.00 and gave the stock an "outperform" rating in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $134.26.

Newmont Stock Up 2.1%

Shares of NEM traded up $2.29 during trading hours on Thursday, reaching $113.85. 2,690,675 shares of the stock traded hands, compared to its average volume of 8,554,959. Newmont Corporation has a 52 week low of $76.05 and a 52 week high of $135.29. The company has a market cap of $119.96 billion, a price-to-earnings ratio of 14.39, a PEG ratio of 2.14 and a beta of 0.51. The stock has a fifty day simple moving average of $121.75 and a 200 day simple moving average of $110.69. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the prior year, the firm posted $1.43 EPS. On average, equities analysts forecast that Newmont Corporation will post 9.05 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's dividend payout ratio (DPR) is currently 13.13%.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the sale, the executive vice president directly owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares of the company's stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 35,973 shares of company stock worth $3,927,169 in the last 90 days. Insiders own 0.06% of the company's stock.

Newmont Company Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company's activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.

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